Saxo Bank – review of a major broker and feedback from Western traders
Unique Review on Saxo Bank
Working in financial markets is fraught with risks: every transaction can be a challenge. To avoid mistakes and deception, traders have to spend large sums of money, which is inherently unsafe. To find out if the reputable broker Saxo Bank can be trusted, I invite you to take a closer look at the review.
Company Review
Saxo Bank is a broker from Denmark that started its operations in 1992. The company is based in Copenhagen. On the home.saxo website, you can find details about the services offered, catering to active traders, investors, and institutions.
Small accounts will encounter a number of obstacles, such as high minimums and limited client support. Multi-level accounts offer cost reductions and additional benefits as the account grows. Most traders will find it challenging to reach large accounts as the minimum deposit is 50,000 euros.
According to experts, Saxo Bank is considered one of the leading brokers in Europe and globally. The broker’s reliability is confirmed by more than 10 financial regulators, including the UK’s FCA.
- Saxo Capital Markets UK Limited is registered and regulated by the Financial Conduct Authority (number 551422),
- BG SAXO Società di Intermediazione Mobiliare SpA is licensed by the Italian Securities Market Authority Consob (Albo SIM, registration number: 296),
- Saxo Bank A/S Czech Republic is registered by the Czech National Bank (registration number: 28949587),
- Saxo Bank A/S Netherlands is registered by the Bank of the Netherlands (registration number: 34357130),
- Saxo Capital Markets Pte. Ltd. Singapore is a licensed provider of capital market services supervised by the Monetary Authority of Singapore (company registration number: 200601141M),
- Saxo Bank (Switzerland) Ltd. (UID registration number CHE-106.787.764) is a licensed bank regulated by the Swiss Financial Market Supervisory Authority FINMA,
- Saxo Banque (France) SAS is licensed by the Bank of France as a credit institution (registration number: 483632501 RCS Paris),
- Saxo Bank A/S is licensed by the Danish Financial Supervisory Authority. It operates in the Emirates under a license issued by the Central Bank of the UAE,
- Saxo Bank. Representation is licensed by the Central Bank of the UAE (registration number: 2017/995/13),
- Saxo Bank Securities Ltd. is licensed by the Japanese Financial Services Agency (registration number: 239),
- Saxo Capital Markets Hong Kong Ltd. received a license from the Hong Kong Securities and Futures Commission (registration number 1395901),
- Saxo Capital Markets (Australia) Pty. Ltd is licensed by the Australian Securities and Investments Commission (ASIC) (registration number: 126 373 859).
Types of Trading Accounts
For Saxo Bank users not ready for huge expenses, three main types of accounts are available: Classic, Platinum, and VIP. They differ in required deposit amounts and toolsets.
The Classic account requires a minimum deposit dependent on the trader’s location. For CIS countries, this is $10,000. For a Platinum account, a minimum of $200,000 USD is required, and for a VIP account, a minimum of $1,000,000 dollars. Reviews show that deposit amounts vary by country.
The Platinum account provides access to advanced news and priority support. VIP account holders receive individual service, IP protection, professional consultations, and event invitations.
At first glance, deposit amounts may seem excessive. However, Saxo Bank’s collaboration with NASDAQ, NYSE, ARCA, and other leading global exchanges speaks to the quality of services and security.
Asset Variety
The Saxo Bank trading platform offers a variety of assets for investment.
Among them:
- currency,
- stocks, bonds,
- exchange-traded index funds,
- mutual investment funds.
Additionally, options and CFD contracts are available. Saxo Bank offers over 5,000 bonds, including 3,400 from developed markets and 1,600 from emerging countries. These assets are attractive to traders. Clients also have access to government bonds from over 40 countries worldwide. Reviews highlight this as a key advantage of the broker.
Currency traders can choose from over 100 currency pairs for trading. Details are provided on the home.saxo website. A comparison reveals that larger capitals create better conditions for traders. On the popular EUR/USD pair, the spread difference between different accounts can reach 0.5 pips. The key idea is that capital growth leads to higher profits. The larger the account, the more opportunities. It’s crucial that beginners and professionals receive equal conditions. Reviews confirm this.
User Reviews
Unfortunately, many reviews about Saxo Bank leave much to be desired. Users complain about delayed fund withdrawals, pushy managers, high spreads, and deposit declines. Let’s look at a few comments:
One client noted receiving numerous calls from Saxo Bank employees after deciding to halt the registration process due to negative online reviews. The user found this behavior strange and intrusive. Another client stressed the lack of client support leading to negative experiences. Yet another client highlighted the good support that helped with registration. However, they do not trade assets other than well-known stocks.
“Launched the online application, but halfway through I checked this site for reviews and saw how bad they were. I stopped the process, but my data was saved in their system. They called me three times a day for the past 2 weeks. What do they need it for? Avoid!”
“It’s a joke! Customer support simply does not exist. Forget about it. The broker has excellent partner marketing to convince people to join, but that’s it.”
“Good customer support. Helped open an account remotely (I live in South America). I had to provide quite a few financial statements, but it’s justified and beneficial for clients. Good web interface, takes a bit of time to understand. Costs are fair. I only trade well-known American and European stocks, so I can’t comment on any other investment offers.”
Conclusion
Saxo Bank is a well-known and reputable broker with active operations, regulated by numerous regulators. Collaborating with NASDAQ and NYSE indicates the safety of the partnership. However, the conditions and requirements for minimum accounts make this broker inaccessible to a wide range of traders. If you need efficient trading, it’s worth exploring other options.
Author: Egor Tishchenko
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My experience with Saxo Bank has been nothing short of disappointing. Despite being heralded as a major broker, the professionalism and efficiency I’d hoped for were noticeably lacking. The customer support was extremely unresponsive and unhelpful, while the high commission fees felt unjustified considering the poor service I received. The user interface was also non-intuitive and difficult to navigate, which made the trading experience more troublesome than it should have been. Moreover, the feedback from Western traders has been predominantly negative, citing similar issues such as unexplained fees and lackluster customer service. Overall, my experience with Saxo Bank left me frustrated and unsatisfied. I would not recommend them to fellow traders.